Best use of partners tax allowance...

pphillips

MichelleUK wrote: »

Why do you think that? It is untrue, non LLP partnerships must complete a tax return too.

It would be helpful, if you are going to contradict other posters' advice, that you are sure that you are correct, or better still, quote a reputable source.

Yes - I'm sorry, I was misinformed. For clarity there is a SA800 partnership tax return.

Pennywise

Partners may be "entitled" to equal profits, but they don't "have to" share profits equally, and in husband/wife cases, it's usually beneficial to share in a different way to optimise tax etc.

ronaldadio

Thanks again everyone.
Sorry I'm not getting back quicker, I'm not getting notifications for some reason.
I'll look into the P'ship situation.
I do my own accounts & self assessment tax so I guess I could show my wife to do hers or do it for her.
I'll have to look into the P'ship return - I'm guessing that's the complicated one?

starting a formal partnership would require 3 tax returns
- the partnership itself
- partner A
- partner B


partnership accounts are not as simple as you may think and you may need an accountant to prepare them

00ec25

pphillips wrote: »

Yes - I'm sorry, I was misinformed. For clarity there is a SA800 partnership tax return.

yes, I know, I do them, hence what I wrote

00ec25

ronaldadio wrote: »

I'll have to look into the P'ship return - I'm guessing that's the complicated one?

it is based on partnership accounts - preparing them is not difficult …. if you know the rules for what a partnership can and can't claim



read #2 in this thread for a flavour
https://forums.moneysavingexpert.com/discussion/comment/75580556#Comment_75580556